“We are what we repeatedly do. Excellence, then, is not an act, but a habit.” – Aristotle
The Aristotle International Equity product is a natural extension of the investment philosophy and process of our domestic strategy. With increased economic globalization our research coverage has evolved to include international competitors. We apply the same fundamental, bottom-up security selection process that is utilized in our other strategies to a universe of approximately 2,000 companies with a typical market capitalization over $2 billion. This universe of companies represents opportunities in both developed and emerging countries. Similar to the approach used in our Value Equity strategy, the International Equity strategy will narrow the universe of potential investments to roughly 100 stocks which is then subjected to our intensive internal research. This group of companies will then be reduced to a portfolio of 30-40 of our best ideas representing a blend of good business at attractive valuations. The focus of the strategy is on investments in companies headquartered in developed countries outside of the United States; however, we are willing to invest up to 20% in emerging markets. The strategy utilizes both American Depository Receipts (ADRs) as well as ordinary shares.